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In today’s highly competitive global economy, marketers need to exploit opportunities and avoid ______ if they are to survive and be profitable
mistakes
Marketing managers require current, reliable, useful information to make effective ______
decisions
Not only is sound marketing research needed but also a system that gets current, valid information to the marketing decision maker in a ______ manner
timely
This chapter is concerned with the marketing research process and information systems for ______ making
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The chapter is intended to provide a detailed introduction to many of the important topics in the area, but it does not provide a complete explanation of the plethora of marketing research ______
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The Role of Marketing research is the process by which information about the environment is generated, analyzed, and interpreted for use in marketing ______ decision making
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Marketing research is an aid to decision making and not a substitute for it. In other words, marketing research does not make decisions, but it can substantially increase the chances that good decisions are made. Unfortunately, too many marketing managers view research reports as the final answer to their problems; whatever the research indicates is taken as the appropriate course of action. Instead, marketing managers should recognize that (1) even the most carefully executed research can be fraught with ______; (2) marketing research does not forecast with certainty what will happen in the future; and (3) they should make decisions in light of their own knowledge and experience as no marketing research study includes all of the factors that could influence the success of a strategy.
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Although marketing research does not make decisions, it can reduce the risks associated with managing marketing strategies. For example, it can reduce the risk of introducing new products by evaluating consumer acceptance of them prior to full-scale introduction. Marketing research is also vital for investigating the effects of various marketing strategies after they have been implemented. For example, marketing research can examine the effects of a change in any element of the marketing mix on customer perceptions and ______.
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At one time, marketing researchers were primarily engaged in the technical aspects of research but were not heavily involved in the strategic use of research findings. Today, however, many marketing researchers work hand-in-hand with marketing managers throughout the research process and have responsibility for making strategic recommendations based on the ______.
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Marketing research can be viewed as systematic processes for obtaining information to aid in decision making. There are many types of marketing research, and the framework illustrated in Figure 2–1 represents a general approach to the ______.
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Each element of this process is discussed next. Figure 2–1 The Five Ps of the Research ______
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Purpose of the ______
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Plan of the ______
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Performance of the ______
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Processing of research ______
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Preparation of research ______
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Marketing managers require current, reliable, useful information to make effective ______
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Marketing research is also vital for investigating the effects of various marketing strategies after they have been implemented. For example, marketing research can examine the effects of a change in any element of the marketing mix on customer perceptions and ______
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In today’s highly competitive global economy, marketers need to exploit opportunities and avoid ______ if they are to survive and be profitable
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Not only is sound marketing research needed but also a system that gets current, valid information to the marketing decision maker in a ______ manner
Signup and view all the answers
Each element of this process is discussed next. Figure 2–1 The Five Ps of the Research ______
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Although marketing research does not make decisions, it can reduce the risks associated with managing marketing strategies. For example, it can reduce the risk of introducing new products by evaluating consumer acceptance of them prior to full-scale introduction. Marketing research is an aid to decision making and not a substitute for it. In other words, marketing research does not make decisions, but it can substantially increase the chances that good decisions are made. Unfortunately, too many marketing managers view research reports as the final answer to their problems; whatever the research indicates is taken as the appropriate course of action. Instead, marketing managers should recognize that (1) even the most carefully executed research can be fraught with ______; (2) marketing research does not forecast with certainty what will happen in the future; and (3) they should make decisions in light of their own knowledge and experience as no marketing research study includes all of the factors that could influence the success of a strategy.
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At one time, marketing researchers were primarily engaged in the technical aspects of research but were not heavily involved in the strategic use of research findings. Today, however, many marketing researchers work hand-in-hand with marketing managers throughout the research process and have responsibility for making strategic recommendations based on the ______.
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Preparation of research ______
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Marketing managers require current, reliable, useful information to make effective ______
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Not only is sound marketing research needed but also a system that gets current, valid information to the marketing decision maker in a ______ manner
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Plan of the ______
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The Role of Marketing research is the process by which information about the environment is generated, analyzed, and interpreted for use in marketing ______ decision making
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Marketing research can be viewed as systematic processes for obtaining information to aid in decision making. There are many types of marketing research, and the framework illustrated in Figure 2–1 represents a general approach to the ______.
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Although marketing research does not make decisions, it can reduce the risks associated with managing marketing strategies. For example, it can reduce the risk of introducing new products by evaluating consumer acceptance of them prior to full-scale introduction. Marketing research is also vital for investigating the effects of various marketing strategies after they have been implemented. For example, marketing research can examine the effects of a change in any element of the marketing mix on customer perceptions and ______.
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This chapter is concerned with the marketing research process and information systems for ______ making
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In today’s highly competitive global economy, marketers need to exploit opportunities and avoid ______ if they are to survive and be profitable
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Study Notes
Marketing Research Overview
- In a competitive global economy, effective marketing requires exploiting opportunities while avoiding risks to ensure survival and profitability.
- Marketing managers need current, reliable, and useful information to facilitate effective decision-making.
Importance of Marketing Research
- Sound marketing research is crucial, coupled with systems that deliver timely and valid information to decision-makers.
- It supports decision-making but is not a replacement for it, as it enhances the likelihood of making informed choices.
Limitations of Marketing Research
- Research can contain inherent biases; results are not always definitive forecasts of future outcomes.
- Managers should integrate their own knowledge and experience with research findings since no study accounts for all influencing factors on marketing strategies.
Role in Strategy Evaluation
- Marketing research can mitigate risks, such as consumer acceptance before the large-scale introduction of new products.
- It is essential for assessing the impact of various marketing strategies post-implementation, informing changes in the marketing mix and their effects on customer perceptions.
Evolving Role of Marketing Researchers
- Historically focused on technical aspects, marketing researchers now collaborate closely with managers for strategic recommendations.
- This partnership enhances the relevance of research findings in the decision-making process.
Systematic Approach to Marketing Research
- Marketing research is a systematic process designed to gather information supporting decision-making.
- Various types of marketing research adhere to a general framework, commonly referred to as the Five Ps: Purpose, Plan, Performance, Processing, and Preparation.
The Five Ps of Marketing Research
- Purpose of Research: Defines the objectives and goals.
- Plan of Research: Outlines the methodology and strategies to gather data.
- Performance of Research: Refers to the execution of research activities.
- Processing of Research Data: Involves analyzing the collected information.
- Preparation of Research Reports: Compiles findings for presentation and application in decision-making.
Key Takeaways for Marketing Managers
- Continuous access to valid and reliable information is vital for effective decision-making.
- Recognize the limitations of marketing research; it aids but does not dictate decisions.
- Engage with marketing research results, combining empirical data with managerial insights to optimize strategies.
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Description
Test your knowledge about marketing research process and systems for decision making in the field of marketing management. This quiz covers the essentials of marketing management and the importance of reliable information in making effective decisions in today’s highly competitive global economy.
